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Where's the need to store the energy if mining bitcoin is at least as cost effective? It's almost as if you see bitcoin mining as a waste of energy
by npoc 3y ago
Where's the need to store the energy if mining bitcoin is at least as cost effective? It's almost as if you see bitcoin mining as a waste of energy
- smoldesu 3y ago> It's almost as if you see bitcoin mining as a waste of energy Bitcoin mining is a waste of energy, by design. It is proof-of-work; it is built from the ground up to repeatedly spend electricity on redundant calculations.
- npoc 3y agoProof of work - yes - this is fundamental to any fair money, including gold, Rai stones, even beads and shells etc. Would you consider gold mining a waste of energy? If you don't need to perform work of equivalent value to the money you are creating, what do you think will happen? (here's a clue: https://ibb.co/pWZfMQc https://ibb.co/pWZfMQc)
- smoldesu 3y ago> Would you consider gold mining a waste of energy? If the amount of work put into getting it is not reciprocal to the value of the outcome, then yes I would consider it a waste. So would most commercial gold miners, I reckon. > If you don't need to perform work of equivalent value to the money you are creating, what do you think will happen? The work miners do doesn't give Bitcoin it's value, the supply and demand economy does. Miners are supposed to validate blocks and push the ledger forward, without an active trading economy their work is inherently wasted. That's like... Bitcoin 101 right there. God help you if you own any.
- deleted 3y ago[deleted]
- npoc 3y agoThat's not bitcoin 101. That's nonsense. Have a good day.